Bitcoin retains the rally and continues with a further 5% growth

Bitcoin continued his rally on Monday, rejecting the fears of regulatory measures that have led to a decline in cryptocurrency prices this year.

The largest digital currency rose by 5% to $ 7,700, according to CoinDesk, and grew by about 20% in the last week. It exceeded the $ 7,000 level after the giant BlackRock announced that it would set up a band for the study of crypto and block technology.

Grayscale, which manages $ 2 billion in assets, says it sees more and more institutions interested in crypto products, contributing to Bitcoin's long-term growth. Matthew Newton of eToro pointed out that the final decision for the Bitcoin ETF can be taken in August.

"In the long run, all these points are very ascending," Newton said. "Technically, what happened last week was very positive, but going through these levels will be crucial to short-term action."

The price is currently in a "great resistance zone" near $ 8,000. "While this level is not disturbed, we can not expect significant upward movement," Newton said.

Source: CNBC

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